Fleet management system CFM endorsed by Singapore government
Shipping companies based in Singapore can receive state funding of up to 80% of total project costs.
Shipping companies based in Singapore can receive state funding of up to 80% of total project costs when choosing the fleet management system Cloud Fleet Manager.
Shipping, the backbone of the world economy, is undergoing a digital transformation. In light of the ongoing pandemic and the challenges that come along with it, the Singapore government has now further accelerated its ongoing activities to take a leading role in maritime’s digital transformation. The government strongly recommends shipping companies to take action to digitalise their processes and will grant funding for companies that choose innovative solutions.
A recent survey from Australian telco Telstra of more than 120 business leaders across four continents, found almost two-thirds of respondents believed Covid-19 had changed their organisations forever. It also showed that technology will be a key driver in their businesses in the future. 93% said they were accelerating the adoption of cloud services, while 97% of respondents in Europe and North Asia saw the cloud as ‘the only option’.
In line with these findings and to manage the current repercussions, the Singapore government has launched various initiatives and grants to help companies grow and transform across industries. These grants support small and medium enterprises (SMEs) to update and innovate their processes and to perform a digital transformation of their businesses. A special focus is on cloud-technology, which enables companies to work remotely and collaborate regardless of location.
Cloud Fleet Manager (CFM) being well recognised by local ship owners, managers and agencies as one of the leading and most efficient cloud-based technical ship management solutions, has now also been endorsed by the Singapore government. Local shipping companies that decide to accelerate their digitalisation by selecting CFM will be eligible to apply for governmental funding up to 80% of total project costs.
As a recent study from members of Maritime Singapore highlights, when companies digitalise their processes, they increase their performance, focus more deeply on innovation, and create more value. Digitalisation must therefore be on the agenda for shipping companies to ‘future-proof’ business. As part of the governmental program, the Maritime and Port Authority (MPA) of Singapore is involved as well, to further strengthen innovation in the maritime industry.
To encourage enterprises to continue their digitalisation and productivity upgrading efforts, the government will support companies financially and the maximum funding support level is currently raised until 30 September 2021.